United States President Donald Trump has vowed to address the “massive trade deficit” that reached record levels under former President Joe Biden.
The United States trade deficit surged in January, Biden’s final month as president.
Imports into the United States rose by 10 per cent to $401.2 billion, while exports increased by 1.2 per cent to $269.8 billion, according to The Wall Street Journal.
However, the all-time high trade deficit of $131.4 billion was 34 per cent greater than the $98.1 billion deficit recorded in December.
In a post on Truth Social on Thursday, Trump wrote: “Massive Trade Deficit with the World, just announced, compliments of Sleepy Joe Biden! I will change that!”
Meanwhile, during his speech to a joint session of Congress earlier this week, Trump stated that Americans would benefit from tariffs in the long term.